Value stocks have had a huge run over the past seven years, and as a result growth stocks have become cheap, says Tom Ognar, of Advantage Growth. He shares his insight with CNBC's Erin Burnett.

His fund includes familiar technology names like Googleand Cisco-- but Ognar says investing in growth means more than just buying technology.

"Don't let someone else define to you what growth is," Ognar says. "Go figure out where growth is coming from in the economy, try to find some securities that fit that equation, and you can make money."

Ognar sees growth in financial services, particularly in "advice for people who are looking to retire in the next five or ten years." He gives Charles Schwabas an example.

Then there are "infrastructure plays," building out the world's developing economies. "United Technologiesis a good example," Ognar says.

"Kind of a boring company -- elevators, air conditioners, aersopace aftermarket parts -- but, really, building buildings, putting in higher standards of living around the world, and a booming travel industry are three good areas of growth for them," he says.

Failing to go global may be why investors have tended to miss growth opportunities. "Our expertise is investing in US companies, but in reality, you look at what's driving Cisco's growth over the last few quarters," Ognar explains. "It's been OK in the US, better in Europe, but what's been incredible is the emerging economies."